artificial intelligence

A decade ago, our familiarity of AI was only restricted to the silver screen. But today, the scenario has changed completely. Although AI is yet to take over our lives in a formidable way, as projected in 2004 blockbuster movie- I, Robot, the technology is certainly pervasive. It has transformed forever the way we interact with our immediate surroundings. The most notable forms of AI an average user is familiar with are – SIRI, Google Now and Alexa skills. Although these are examples of narrow or non-thinking AI, the application acts as personal assistant to make our lives organized and better.

But what if AI could think, analyze, recommend and predict? What difference would that make to our lives? Well, chances are that it may be already making a difference. For instance, recently if you have contacted your insurance company or your broadband provider, there is a good possibility that you may have interacted with a Chatbot, instead of a human agent. AI is taking over customer service department in a big way. >>>

Predicting what the future of customer service will be like a few years from now there is absolutely no room for doubt that artificial intelligence is going to transform the way businesses interact and engage with customers. In fact, chatbots are already dramatically changing the way customer service is provided in various industries.

Gartner predicts that by 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human. A survey by Oracle found that 8 out of 10 businesses have already implemented or are planning to adopt AI as a customer service solution by 2020.

According to a recent report by Grand View Research, the global chatbot market is expected to reach $1.23 billion by 2025, a compounded annual growth rate (CAGR) of 24.3%. Within the global chatbot market, approximately 45% of end users prefer chatbots as the primary mode of communication for customer service inquires. >>>